On 23 July 2020, the Government released an Economic and Fiscal Update to address the effects of COVID-19 on the Australian economy and provide revised estimates for the budget position for 2019/20 and 2020/21. 


As part of this update the Government announced a plan to extend the early release of superannuation scheme. Individuals who are financially impacted by COVID-19 may apply for the early release of up to $10,000 of superannuation, with the application period extended from 24 September 2020 to 31 December 2020.

The Government also reiterated other new stimulus measures recently announced including:

  • Extension of the instant asset write-off increase period from 30 June 2020 to 31 December 2020 (announced 9 June 2020)
  • The JobTrainer Skills Package and establishment of the JobTrainer fund (announced 16 July 2020)
  • Extension of the Supporting Apprentices and Trainees wage subsidy for a further 6 months to 31 March 2021 and expanding it to medium-sized businesses from 1 July 2020 (announced 16 July 2020).
  • Extending the COVID-19 SME Guarantee Scheme to loans written until June 2021, with targeted amendments (announced 20 July 2020).
  • Extension of the JobKeeper payment at a tapered level for an additional 6 months, from 28 September 2020 to 28 March 2021 (announced 21 July 2020)
  • Extension of the Coronavirus Supplement from 25 September to 31 December 2020, at a reduced rate (announced 21 July 2020)

The 2020/21 Federal Budget is due to be handed down on 6 October 2020.

Further information

Treasury, Extending the instant asset write-off, 9 June 2020

Prime Minister of Australia, JobTrainer Skills Package for Economic Recovery and Growth, 16 July 2020

Treasury, Supporting small business to adapt, grow and create jobs, 20 July 2020

Treasury, JobKeeper Payment and income support extended, 21 July 2020

Treasury, Economic and Fiscal update, 23 July 2020

The Macquarie Coronavirus resource hub will be updated with revised information in due course. 

Additional information

Macquarie Investment Management Limited (MIML) ABN 66 002 867 003 AFSL 237 492 is not an authorised deposit-taking institution for the purposes of the Banking Act (Cth) 1959, and MIML’s obligations do not represent deposits or other liabilities of Macquarie Bank Limited ABN 46 008 583 542. Macquarie Bank Limited does not guarantee or otherwise provide assurance in respect of the obligations of MIML.

This information is provided for the use of financial services professionals only. In no circumstances is it to be used by a potential investor or client for the purposes of making a decision about a financial product or class of products.

The information provided is not personal advice. It does not take into account the investment objectives, financial situation or needs of any particular investor and should not be relied upon as advice. Any examples are illustrations only and any similarities to any readers’ circumstances are purely coincidental.

While the information provided here is given in good faith and is believed to be accurate and reliable as at February 2018, it is provided by MIML for information only. We will not be liable for any losses arising from reliance on this information.

MIML and Macquarie Bank Limited do not give, nor purport to give, any taxation advice. The application of taxation laws to each client depends on that client’s individual circumstances. Accordingly, clients should seek independent professional advice on taxation implications before making any decisions about a financial product or class of products.